Red Lobster seeks bankruptcy protection after closing some restaurants
Red Lobster, the casual dining chain that brought seafood to the masses with inventions like popcorn shrimp and “endless” seafood deals, has filed for Chapter 11 bankruptcy protection.
The 56-year-old chain made the filing late Sunday, days after shuttering dozens of restaurants.
“This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth,” said Red Lobster CEO Jonathan Tibus, a corporate restructuring expert who took the top post at the chain in March.
Red Lobster said it will use the bankruptcy proceedings to simplify its operations, close restaurants and pursue a sale. As part of the filings, Red Lobster has entered into a so-called “stalking horse” agreement, meaning it plans to sell its business to an entity formed and controlled by its lenders.
Related articles
Brazil replaces injured goalkeeper Ederson in Copa America squad
RIO DE JANEIRO (AP) — Brazil coach Dorival Júnior has replaced injured goalkeeper Ederson with Sao P2024-05-21Iraq investigates a blast at a base of Iran
BAGHDAD (AP) — Iraqi authorities said Saturday that they were investigating an explosion that struck2024-05-21Taylor Swift sends secret message to Travis Kelce in So High School's lyric video
Taylor Swift sent a sweet musical message to her boyfriend, Travis Kelce, in the lyric video for her2024-05-21Review: Taylor Swift's 'The Tortured Poets Department' is great meditative theater
Who knew what Taylor Swift’s latest era would bring? Or even what it would sound like? Would it buil2024-05-21Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Travis Kelce was spotted taking a whiskey shot from a slice of bread in true southern fashion as he2024-05-21Crawford works 6 solid innings and the Red Sox deal the struggling Pirates a 5th straight loss
PITTSBURGH (AP) — Kutter Crawford allowed one run in six strong innings and the Boston Red Sox defea2024-05-21
atest comment